Voracious U.S. demand means biggest food and ag trade deficit ever
Americans are consuming ever-larger amounts of imported fruits, vegetables, wine, alcohol, coffee, and beef, an appetite that will drive the food and ag trade deficit to a record $45.5 billion this fiscal year, estimated the Agriculture Department on Tuesday. Imports would be a sizzling $9.3 billion larger than in just-ended fiscal 2024, while food and ag exports decline for the third year in a row due to lower commodity prices.
House panel: Reset Sino-U.S. economic relations and expect ag retaliation
China is not willing to play by free-market rules, so the United States should adopt a new, tougher strategy that allows higher import tariffs and other measures to prevent reliance on Beijing, said a House select committee on Tuesday. In anticipation of retaliation, the committee said, the government should look for alternative markets for U.S. food and ag exports, and Congress should consider a new round of trade-war assistance for farmers and ranchers.
U.S. needs more trade pacts as a hedge against China, say ag industry groups
China is a golden market and a potential pothole for U.S. food and ag exports, said 20 farm and agribusiness groups in a letter to presidential aspirants. The letter, delivered ahead of the first debate among Republican contenders on Wednesday, called for diversification of the export market, through new free-trade agreements, to avoid overreliance on China, which buys $1 of every $5 in farm exports.